Synopsys's Options Frenzy: What You Need to Know

Investors with a lot of money to spend have taken a bullish stance on Synopsys SNPS.

And retail traders should know.

We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with SNPS, it often means somebody knows something is about to happen.

Today, Benzinga's options scanner spotted 8 options trades for Synopsys.

This isn't normal.

The overall sentiment of these big-money traders is split between 62% bullish and 12%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $76,338, and 7, calls, for a total amount of $498,412.

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Predicted Price Range

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $440.0 and $590.0 for Synopsys, spanning the last three months.

Volume & Open Interest Development

Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Synopsys's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Synopsys's substantial trades, within a strike price spectrum from $440.0 to $590.0 over the preceding 30 days.

Synopsys 30-Day Option Volume & Interest Snapshot

Biggest Options Spotted:

About Synopsys

Synopsys is a provider of electronic design automation software and intellectual property products. EDA software automates and aids in the chip design process, enhancing design accuracy, productivity, and complexity in a full-flow end-to-end solution. Synopsys' comprehensive portfolio is benefiting from a convergence of semiconductor companies moving up the stack of technologies toward systems-like companies, and systems companies moving down-stack toward in-house chip design. The resulting expansion in EDA customers alongside secular digitalization of various end markets benefits EDA vendors like Synopsys.

Having examined the options trading patterns of Synopsys, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance

Synopsys's Current Market Status

• With a trading volume of 523,808, the price of SNPS is up by 0.76%, reaching $462.49.
• Current RSI values indicate that the stock is may be approaching overbought.
• Next earnings report is scheduled for 20 days from now.

Professional Analyst Ratings for Synopsys

3 market experts have recently issued ratings for this stock, with a consensus target price of $571.67.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * An analyst from B of A Securities has decided to maintain their Buy rating on Synopsys, which currently sits at a price target of $560. * An analyst from Keybanc persists with their Overweight rating on Synopsys, maintaining a target price of $555. * Consistent in their evaluation, an analyst from Mizuho keeps a Outperform rating on Synopsys with a target price of $600.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

If you want to stay updated on the latest options trades for Synopsys, Benzinga Pro gives you real-time options trades alerts.